… Tinubu pledges unwavering support for businesses
‐– The platform will open new markets for Nigerian products, enhance competitiveness, and create jobs.
—Nigeria and indeed African countries must export their way out of poverty, – Segun Awolowo
Nigeria has officially started trading under the African Continental Free Trade Area (AfCFTA), aiming to tap into the agreement’s projected $50 billion in benefits and open new markets for Nigerian products.
President Bola Tinubu launched the “Guided Trade Initiative” on Tuesday in Lagos marking a significant step towards boosting intra-African trade and economic diversification.
Tinubu emphasized AfCFTA’s potential to transform Africa’s economic landscape, calling it more than just a trade deal but a vision for industrialization, growth, and prosperity.
He acknowledged the challenges ahead but stressed Nigeria’s commitment to making AfCFTA work. The government will create a business-friendly environment to support innovation and competitiveness.
Collaboration across Africa is crucial to ensure AfCFTA’s success, Tinubu said, praising the pioneering companies participating in the initiative.
The president pledged unwavering support for Nigerian businesses of all sizes to benefit from AfCFTA. Measures will focus on enabling environments for businesses, fostering innovation and enhancing competitiveness.
Tinubu highlighted the importance of continuous improvement to maintain Nigeria’s edge in the market.
The government will provide necessary support at domestic, sub-regional, and continental levels to facilitate AfCFTA implementation.
Tinubu called for a collective effort to achieve AfCFTA’s goals. His administration remains dedicated to ensuring every Nigerian benefits from this historic agreement.
The launch of the Guided Trade Initiative represents a significant leap forward, envisioned as a catalyst for intra-African trade growth, economic diversification and sustainable development.
The platform will open new markets for Nigerian products, enhance competitiveness, and create jobs.
In his speech, Mr. Olusegun Awolowo, National Coordinator, National AfCFTA Coordination Office (NACO), emphasized trade as the most sustainable path to prosperity quoting former Indian Prime Minister Jawaharlal Nehru: “India must export or perish.” He declared, “That sentiment holds true for us today. Nigeria and indeed African countries must export their way out of poverty, unemployment and economic depression”, he stated.
Awolowo announced the approval to transform the National Action Committee on the AfCFTA (NAC-AfCFTA) to a Nigeria/AfCFTA Coordination Office (NACO) with authority to effectively deliver on the desired outcomes.
He also added that ten companies are already set to begin exporting Nigerian products to five countries across East, Central, and North Africa.
Minister of Industry, Trade, and Investment, Doris Uzoka-Anite, reiterated Nigeria’s commitment to development and the immense potential AfCFTA holds for industrialization and job creation.
She urged all stakeholders to collaborate and leverage AfCFTA’s opportunities to ensure it delivers for the people.
Also speaking , the Minister of Finance and Coordinating Minister of the Economy, Wale Edun highlighting the initiative’s significance for propelling Nigeria’s economic growth and fostering regional integration.
Edun emphasized the transformative potential of AfCFTA, a framework designed to establish a unified African market. He acknowledged the historically low levels of intra-African trade compared to other regions and expressed his firm belief that the GTI will serve as a catalyst for exponential growth in trade volumes between African nations.
Minister Edun further reaffirmed the government’s unwavering commitment to AfCFTA’s success. He alluded to the “Renewed Hope Agenda,” a national program prioritizing economic revitalization and inclusive growth. He announced the establishment of the Nigeria AfCFTA Coordination Office, a strategic move designed to streamline and enhance AfCFTA implementation within Nigeria.
As a significant step towards facilitating trade under AfCFTA, Minister Edun announced the near completion of the gazetting process for tariff concessions. This crucial legal framework will provide Nigerian businesses with the necessary tools to compete effectively within the continental market.
“Today’s launch signifies the proactive measures undertaken by this administration,” declared Minister Edun. He portrayed this event as a formal declaration of Nigeria’s readiness to assume a leading role in continental and global trade.
Beyond the immediate economic benefits, Edun pointed out AfCFTA’s potential to unlock a prosperous future for all Africans. He envisioned a future built on collaboration, innovation, and the collective strength of Nigerians.
– Additional details from Sun
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